Date: 2014-08-14

The Kwara State chapter of the Peoples Democratic Party (PDP) has insisted that the proposed N23billion being sought by the state government in the capital market is not only sustainable but also a sure way of making the state go bankrupt.

Contrary to claims that the majority of Kwarans are in support of the huge loan, we declare that the only set of Kwarans that are in support of the loan are the APC godfather and leaders like Ishola-Fulani and Suleiman Buhari whose fat bellies would naturally become fatter on the disbursement of the loan. They are those who think that their meal tickets for the next four years is guaranteed on the approval of the loan; they are the ones who have been boasting about that their chances of winning the next general elections would increase on the disbursement of the loan, since they will then have enough cash to throw around.

We make bold to say that no Kwaran of saner mind will support the APC's bid to throw their state into yet another dungeon of debt that their great-grandchildren may never be able repay. No Kwaran, who has not seen water to drink for the past six months despite billions wasted from the previous N17 billion loan on an ill-defined Ilorin Water Reticulation Project, who daily drive pass the uncompleted and now abandoned Ilorin Metropolitan Square and the Airport Cargo Shed, three major capital projects meant to be completed with the previous loan, would support the new loan.

This is why we stand by what the state chairman of the PDP, who was personally at the fore-front of the struggle against the previous N17billion loan, and of course all other well meaning Kwarans like Comrade Issa Aremu, the Nigerian Bar Association, Ilorin Emirate Descendant Progressives Union, the Orisun Igomina, etc have said on the loan.

So, if the PDP chairman was playing politics by opposing the loan, are the other concerned stakeholders playing politics too? The answer, we believe is a capital NO!

This is because unlike those who for obvious reasons have decided to remain blind, deaf and dumb to various negative reports of relevant government agencies on the sustainability of Kwara various loans, the stakeholders know that the Central Bank of Nigeria (CBN) in a circular with Ref: FPR/DIR/CIR/GEN/01/031 and dated 21st September, 2012, blacklisted the APC-led Kwara Government from enjoying further credit facility from commercial banks as a result of its various bad debt. Unlike Ishola Balogun Fulani and his ignorant colleagues in the Kwara APC, the concerned stakeholders know that the Debt Management Office (DMO) and the Fiscal Responsibility Commission (FRC), both statutory bodies that monitor debt sustainability ratios of all tiers of government, have at different times returned damning reports about Kwara debt profile.

In conclusion, we urge the APC-led state government to have a rethink on the proposed N23billion loan. We implore them to forgo momentary pleasure for the future of Kwara state. We ask them to think of those that do not have anywhere to run when the effect of the debt bits harder. We ask them to allow their good conscience to lead them. For in the end, posterity will be there to judge all of us.

Signed
Chief Rex Kola Olawoye
Publicity Secretary